individual retirement account

n. Abbr. IRA

Any of various government-sponsored accounts that offer tax incentives to people who save money for retirement.

American Heritage® Dictionary of the English Language, Fifth Edition. Copyright © 2016 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

individ′ual retire′ment account`

a savings plan that offers tax advantages to an individual depositor to set aside money for retirement. Abbr.: IRA Compare Keogh plan.

[1970–75]

ThesaurusAntonymsRelated WordsSynonymsLegend:

Noun

individual retirement account - a retirement plan that allows you to contribute a limited yearly sum toward your retirement; taxes on the interest earned in the account are deferred

IRA

pension account, pension plan, retirement account, retirement plan, retirement program, retirement savings account, retirement savings plan - a plan for setting aside money to be spent after retirement

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